In recent months, the NFT market has witnessed significant growth in the number of investors getting on board, allowing artists and art enthusiasts to gain access to the global digital art market.
Although non-fungible tokens (NFTs) are a relatively new asset class in the crypto space, they have continued to outlive the hype as millions of dollars are being poured into the market daily.
Over the last 48 hours, trade volume on OpenSea, the world’s first and largest NFT marketplace, hit a record high of nearly $100 million, which is more than four times its annual trade volume in 2020.
According to a tweet from OpenSea’s CEO and co-founder, Devin Finzer, the platform recorded a whopping $95 million in total transaction volume within the past two days. He further noted that the amount has far eclipsed the total transaction volume of about $21 million the NFT marketplace saw throughout last year.
Finzer also pointed out that this massive spike proves that the NFT market, despite being in its early stages, still has a lot of room to grow into, perhaps, the biggest sensation in the crypto industry.
OpenSea Raises $100M
Just a few weeks ago, OpenSea received $100 million funding from top investors in a Series B round led by venture capital firm Andreessen Horowitz. The project revealed that it plans to use the funding to make NFTs accessible to more mainstream users by expanding into international markets and also supporting multiple blockchains on its platform.
The $100 million funding brought OpenSea’s market valuation to $1.5 billion. With the CEO describing NFTs as the “new internet,” OpenSea continues to scale its platform to accommodate more users.
NFTs Continue to Grow Big
NFT remains one of the hottest topics in the encryption industry. The hype surrounding the digital art market has garnered worldwide attention, surpassing the peak of ICOs in the US in 2018.
Although NFT became popular in 2020 and reached a market value of $ 250 million, sales of such collectibles exceeded $ 2 billion in the first quarter of 2021.
NFT offers a new way to interact with music, culture, and even sports. Artists, celebrities, and sports teams are all vying to join the NFT trend by bringing their digital art to market or supporting related projects.